Would you consider selling your business to an employee?
They’d probably fit the bill – good understanding of the business, passionate about your mission, and more likely to continue your legacy – but, they likely won’t have the cash to front such a large transaction either.
When Lori Moen decided to step back from her business, Viking Trophies, she sought out large, strategic acquirers — but nobody showed interest. That’s when she looked internally and found her General Manager was interested in taking over.
In this episode, you’ll learn:
- The pros (and cons) of selling to an internal employee
- What to look for when structuring the financing (hint: you may need to lend some of the money)
- 3 different selling options – including the benefits of each
- The sneaky terms and conditions to look out for when selling your business to an employee